Bengaluru: Prime Minister Narendra Modi’s announcement from the Red Fort about reducing GST and simplifying the tax structure is highly welcome and This step toward tax simplification will, in the coming days, greatly benefit both traders and consumers, said former Chief Minister and MP Basavaraj Bommai.

In a press statement, he said as GST completes five years, it was meant to stand as “one nation, one tax” and provide a simplified and uniform taxation system. The Prime Minister, with the intention of benefiting small traders and farmers, had brought this reform. However, after five years of experience, farmers, small traders, and large businesspersons all expressed the need for certain changes. Based on this feedback, it was decided to reduce tax slabs and bring down GST rates on some items.

The MP said that under his leadership, the Group of Ministers conducted an extensive study for nearly one and a half years and submitted a report to the GST Council with several recommendations for simplification and reclassification. This included placing several essential commodities under lower tax slabs and reducing the number of slabs overall. “We had then presented these suggestions before the GST Council to ensure benefits for both traders and consumers,” he said. The former CM said the central government’s decision to implement certain amendments approved by the GST Council, and Prime Minister Narendra Modi’s announcement of this from the Red Fort, is very welcome. This is a major step toward tax simplification. In the coming days, it will prove highly beneficial to traders and consumers alike. “This is a special contribution by Narendra Modi, and since he has announced it ahead of Diwali, I am confident that the entire nation will welcome it with joy. I wholeheartedly congratulate Prime Minister Modi,” Bommai stated.